https://www.taxtmi.com/caselaws?id=457714 The appeal against the order of the adjudicating authority/Special Director of Enforcement under the Foreign Exchange Regulation Act, 1973, was allowed. The appellants were initially penalized for failing to realize export proceeds within the stipulated time. However, the court found that the appellants made reasonable efforts to collect the dues, which were eventually realized despite delays caused by communal riots. The impugned findings and penalty were deemed unsustainable and were quashed, resulting in the setting aside of the penalty order. en-us Fri, 10 Oct 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457714 The appeal against the order of the adjudicating authority/Special Director of Enforcement under the Foreign Exchange Regulation Act, 1973, was allowed. The appellants were initially penalized for failing to realize export proceeds within the stipulated time. However, the court found that the appellants made reasonable efforts to collect the dues, which were eventually realized despite delays caused by communal riots. The impugned findings and penalty were deemed unsustainable and were quashed, resulting in the setting aside of the penalty order. Case-Laws FEMA Fri, 10 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457714